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Dec 31, 2020
Target Hospitality Q4 2020 Earnings Report
Target Hospitality's Q4 2020 earnings decreased due to the COVID-19 pandemic's impact on energy end-market activity, partially offset by Keystone XL project revenue.
Key Takeaways
Target Hospitality reported a decrease in revenue and net loss for Q4 2020, primarily due to reduced energy end-market customer activity caused by the COVID-19 pandemic. This was partially offset by increased activity from the TC Energy Corporation's Keystone XL pipeline project.
Q4 2020 revenue was $51.6 million, compared to $76.1 million in Q4 2019.
Net loss for Q4 2020 was $9.2 million, compared to net income of $0.1 million in Q4 2019.
Adjusted EBITDA for Q4 2020 was $15.8 million, compared to $36.0 million in Q4 2019.
The Keystone XL pipeline project contributed approximately $13.8 million in revenue in Q4 2020.
Revenue by Segment
Forward Guidance
Target Hospitality anticipates gradual increases in customer activity throughout 2021, with a more normalized market in 2022. The company announced its 2021 financial outlook with total revenue between $235 and $245 million and adjusted EBITDA between $88 and $95 million.
Positive Outlook
- Total revenue between $235 and $245 million
- Adjusted EBITDA between $88 and $95 million
- Interest expense between $34 and $36 million
- Discretionary Cash Flow between $55 and $60 million
- Targeting a total net leverage ratio of below 4.0x by year end 2021
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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